gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f66094fb10cdd253
Response Measures
None
Receivership Details
Depositor recovery rate
66.2%
Date receivership started
1927-11-18
Date receivership terminated
1932-01-02
Share of assets assessed as good
53.5%
Share of assets assessed as doubtful
35.0%
Share of assets assessed as worthless
11.5%
Description
March 1927 articles describe local runs and postal-savings withdrawals but not a run on this bank; records and later articles show it closed and entered receivership in late 1927.
Events (6)
1.May 10, 1926Chartered
Source
historical_nic
2.March 8, 1927Other
Newspaper Excerpt
Runs on the Farmers Bank and the Citizens Bank of West Palm Beach were such that an armored car was dispatched from Miami bearing cash for panicky depositors.
Source
newspapers
3.March 16, 1927Other
Newspaper Excerpt
A long line of negroes staged steady run on the United States postoffice here for heavy withdrawals from the postal savings department today following reports circulated widely through the Negro sections that 'the Government was going broke.'
Source
newspapers
4.November 18, 1927Receivership
Source
historical_nic
5.November 18, 1927Receivership
Newspaper Excerpt
Receiver of Two Defunct Institutions Announces Early 10 Percent Payment; defunct National bank of West Palm Beach ... closed last fall
Source
newspapers
6.November 18, 1927Suspension
Cause
Government Action
Cause Details
Bank was closed and placed in receivership (receiver later announced dividends).
Newspaper Excerpt
closed last fall
Source
newspapers
Newspaper Articles (17)
1.March 8, 1927Beaver Dam Daily CitizenBeaver Dam, WI
Click image to open full size in new tab
Article Text
BANK CLOSING AT PALM BEACH STARTS "RUN"
'WEST PALM BEACH, Three leading banks of the Palm Beach district closed their doors today and started one of the most frenzied runs in the history of Florida finance. day found streets jammed with depositors seeking to save their money by withdrawing it from remaining banks of the city. Runs on the Farmers Bank and the Citizens Bank of West Palm Beach were such that an armored car was dispatched from Miami bearing cash for panicky depositors. No sooner had the First National Bank and Trust Company posted notice that business was suspended for the protection of depositors than two other institutions closed- Northwood Bank and Trust Company of West Palm Beach and the First Bank and Trust Company of Palm Beach.
2.March 8, 1927The Winona Daily NewsWinona, MN
Click image to open full size in new tab
Article Text
Three West Palm Beach Banks Closed; Runs Begin on Two Other Financial Institutions
West Palm Beach, Fla., March 8. -The First Bank and Trust Co. of Palm Beach and the Northwood Bank and Trust Co. of West Palm Beach closed their doors today when the First American Bank and Trust Co. here failed to open this n-orning. Runs began on two other West Palm Beach banks. Police took charge of the crowds that gathered in front of the Institutions, and maintained order. DIrectors of the First National Bank and Trust Co. stated that the bank is solvent and would be opened after a reorganization. The First American was capitalized at $300,000 and a statement issued this morning showed cash in vault. $58,255 cash in other banks, $553,730; liabilities, bills said it had to be closed because of general conditions follow ng the failure of three Palm Beach banks last June, the hurricanes. the continued depression in real-estate, the upheaval In the city affairs. the failure of the First Bank and Trust Co a few weeks ago in Lake Worth, and continued large withdrawals by depositors in the last few weeks. More than $10,500,000 has been withdrawn from the bank from peak of $13,500,000 deposits a few months age, directors said The First Bank and Trust Co of Palm Beach is cagitalized at $50,000 and has $100,000 as surplus and un divided profite. No reason was announced for the crosing but It is L'eved that the bank closed in order to forestall run. The Northwood bank, which serves the northern part of West Palm Beach, is believed to have closed for
3.March 15, 1927The Grand Rapids PressGrand Rapids, MI
Click image to open full size in new tab
Article Text
THREE PALM BEACH BANKS CLOSE, BUT PATRONS ARE CALM
Run on One Institution Subsides After Half Day of "Rushing."
ALL PLACES TO REOPEN
Inactivity of Real Estate Operations Blamed; Money Houses Not Insolvent.
West Palm Beach, March 16. quieter tone pervailed the Palm Beaches Monday period of when determined run Citizens bank, prompted by the closing of three banks in Palm Beach county abated early in only short lines of depositors windows Two three banks remaining open did experience closing The bank plenty funds been pay positors, until to meet all requests for payment return to normality aided largely Miami of sacks of currency for bank The which did open Monday included Farmers Bank Trust of the largest banking institutions here. bank closed temporarily, announced. the interest Plans the bank within 30 or 60 days Officials Issue Statements.
First bank of Lake Worth and Delray were other banks which did Monday No statement was regarding their Officials of the Citizens bank expressed their determination close will be even stronger now when direcbank the real estate mar ket and the fact much the based upon estate security was given by the the which faster the banks could liquidate resulted in the down making necessary for the institutions suspend, he that does not that because bank close Another reason. for the recent suspensions, the comptroller lieved, been cashing checks for into the state this winter This costs the banks instead of helping them, he declared. Officials the Central Farmers bank and the National Bank West Palm Beach, the other institutions which the condibe good. They anticipated no financial culties.
4.March 16, 1927Springfield Evening UnionSpringfield, MA
Click image to open full size in new tab
Article Text
Negroes Hear U. Is "Broke"; Stage Run on Postal Savings Bank
WEST PALM BEACH, Fla., March long line of Negroes staged steady run on the United States here for heavy withdrawals from the postal savings department today following reports circulated widely through the Negro sections that "the United States government going broke." More than 100 Negroes awaited the opening of the govern.
[Continued on Sixth Page.]
NEGROES AGE RUN ON POSTAL BANK.
WEST PALM BEACH. Fla., March 16.-A long line of negroes staged steady run on the United States postoffice here for heavy withdrawals from the postal savings department Wednesday following reports circulated widely through the negro sections through the night that "the Government was going
6.March 16, 1927Quad-City TimesDavenport, IA
Click image to open full size in new tab
Article Text
Negroes Start Run on Postal Bank in Florida
West Palm Beach, March long line negroes staged steady on the United States Post Office here for heavy withdrawals from the postal savings department today following reports circulated widely thru the negro sections thru the night that "the government was going broke."
7.March 16, 1927The News TribuneTacoma, WA
Click image to open full size in new tab
Article Text
Negroes Fear U.S. Is "Going Broke"; Run on P. O. Bank
WEST PALM BEACH, Fla., March 16.-(P)-A long line of negroes a g a steady run on the postoffice here for heavy withdrawals from the postal savings department today, following reports widely through the negro sections that 'the government was going broke.
8.March 16, 1927Santa Barbara News-PressSanta Barbara, CA
Click image to open full size in new tab
Article Text
NEGROES STAGE RUN ON POSTAL SAVINGS BANK
WEST PALM (Fla.). March long line negroes staged steady run the United States postoffice here for heavy withdrawals from the postal savings department today following reports ciculated widely through the negro sections that "the government was going broke."
9.March 17, 1927The San Diego SunSan Diego, CA
Click image to open full size in new tab
Article Text
Run Continued on Postal Bank
Press WEST PALM BEACH, Mar run on the U. postal savings department by negro depositors continued here today despite assurances of race leaders that the government is solvent. More than 400 negroes withdrew their deposits yesterday. total withdrawals amounting to Police expected trouble but none was reported last night. Skepticism regarding Sam's ability to followed failure of three banks here and Palm Beach within the last week.
10.March 17, 1927The Star PressMuncie, IN
Click image to open full size in new tab
Article Text
NEGROES START BEACH P.-0. RUN
Believed Government Was "Going Broke"-Draw Out Postal Savings.
West Palm Beach, Fla., March that the government was "going broke," over a hundred Negroes lined up in front of the postoffice when it opened here today and started an all-day run on the postal savings department. Recent bank failures and wild rumors which swept through the Negro sections of the city last night and today caused others to flock to the postoffice and the run continued steadily the hour. Police tonight were taking extra precautions to guard against any
11.March 17, 1927The Lima NewsLima, OH
Click image to open full size in new tab
Article Text
RUN ON BANK STAGED WEST PALM BEACH Fla March lone line of negroes staged run on the United States post office here for heavy withdrawals from the Postal savings department today following reports circulated thru the negro sections that the "government was going broke.'
12.March 17, 1927The Chico EnterpriseChico, CA
Click image to open full size in new tab
Article Text
RUN ON BANK WEST BEACH, Fla., of negroes staged steady run on the United States office here for heavy withdrawals from the postal savIngs department today, following reports circulated widely through the negro sections that "the ernment was going broke."
A cannery Porterville, Tulare county, has been opened for on spinach, new industry district.
13.March 21, 1927The Times LeaderWilkes-Barre, PA
Click image to open full size in new tab
Article Text
Confidence In The Banks
An amusing Incident appeared in the news items the past week-a rush upon the 1.ostoffice at West Palm Beach for the withdrawal of deposits from the postal savings bank. Some one had started a rumor that the bank was in trouble. Of course the postal savings bank is a government institution and the
14.June 22, 1928The Palm Beach PostWest Palm Beach, FL
Click image to open full size in new tab
Article Text
PROMISE IS GIVEN OF BANK DIVIDENDS
Receiver of Two Defunct Institutions Announces Early 10 Percent Payment
A note of optimism was injected yesterday into the local financial situation by announcement that dividends would be paid shortly to depositors defunct National bank of West Palm Beach the First National of Lake Worth. B. Cunningham, receiver for both institutions, announced yesterday that in late July or early Angust substantial dividend would be deposits the West Palm Beach first to be paid since it closed last fall. At the same time he announced that checks were expected shortly from Washington for 10 per cent dividend on the Lake Worth bank. This bring the dividends to 35 per cent.
Policeman J. M. Tapscott showed the boys how is done yesterday on the when hung up of Yackie and Adams each scored 62 to tie for
15.March 21, 1931The Palm Beach PostWest Palm Beach, FL
Article Text
WITH FINAL
Last Payment Will Be Made Monday, Making Total of Percent
With nearly money its June closing the Palm Beach National Bank Monday will start payment fourth and final dividend. The dividend 4.39 per The Palm Beach National the first bank the county complete its liquidation, although the affairs the state banks being settled rapidly, being all under one liquidatorship. one excepWith the of payment the final Palm National per cent $298,549.02 will paid. Dividends 70 per under the Cunningham, who signed last November accept position United States treasury department. The final dividend being paid under the direcRoy Garnett. successor Mr. Cunningham. Mr. Garnett last evening checks available on Monday morning o'clock his office First National Bank building For convenience of depositors who and cannot appear the bank personally Garnett says that the claimant should Box 338, Lake Worth. their address and number certificate. Upon receipt claim, instructions explaining obtain dividend check immediately certificate According report the bank condition, been this amount the sum of the suing the final dividend checks.
16.November 15, 1931The Palm Beach PostWest Palm Beach, FL
Article Text
DEPOSITORS WILL JUDGE HAUCK INJURED BANK ANOTHER DIVIDEND IN CITY ATTACK
Fifth Payment of National Bank of West Palm Beach to Be Made Tuesday
The Depositors of defunct tional Bank West Palm formerly located quarters occupied West Palm Beach Atlantic National bank the corner Olive and Da. tura street will their fifth and final dividend cent beginning Tuesday morning o'clock Garnett receiver for closed Palm Beach county said Saturday president the West Palm Beach Atlantic bank vidend checks will be the holdof certificates the West Palm Beach Mr Receiver the Tuesday will continue checks through during regular banking The final represents cash bank suspended operation November 1927 the previous four dividend payments bank receiver percent Mr Garnett urged depositors bring their certificates they must surrendered before the made After Thursday be paid from office the receiver first National bank building Lake Lake avenue time return checks to Mr Garnett holding receiver's present John apSank West on 1927 and the office his 1930. At Garnett appointed his adminaffairs national banks Mr dividends paid
Rib, Cuts Are Suffered as Official is Pushed Through Window
Police Judge Harry Hauck was removed to home Good Samaritan Saturday suffering from broken rib severe following attack upon him front city hall pushed through plate Marion Johnson 743 Biscayne free $100 bond night on charges assault and battery the reported city foreman for the Southern Bell Telephone company. Johnson his age knocked Judge Hauck through window Saturday He asserted the judge con cerning parking car to his (Johnson's Friday police that the judge had accused Mrs John son stealing parking Mrs Johnson's have in front of Judge Hauck's machine traffic as both were tempting to The incident arose from (Continued on Page Eleven)
17.December 2, 1933The Palm Beach PostWest Palm Beach, FL
Article Text
Former Bank Receiver Here Dies in Boston
Word received the Boston John receiver national banks Miami West Palm Beach His followed stroke, suffered three weeks earlier. He years Mr. Cunningham for many the employ the federal government, and served ceiver for Boston banks. He became widely known federal circles through his connection the office the comptroller currency and member the bureau criminal investigation, department of justice receiver Palm Beach National bank, the National Bank West Palm Beach the First National Lake Worth, Cunningham made enviable
Rio Grande Texas cently voted for her cease being
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
